Long-Term UAE Investor Visa: How Does One Qualify?
In May of this year, the UAE was abuzz with an announcement that had the potential to permanently alter the country’s business landscape – the introduction of 10-year visas for investors and 100% foreign ownership of local businesses. For months, there was speculation of how exactly this new ruling would be implemented and what the criteria were to be eligible for a long-term visa. At last, the veil has been lifted and we have a clearer idea of just what the new visa system entails.
For investors, the long-term visa is divided into two categories:
- Those investing a minimum of Dh 5 million, in real estate or otherwise, will be granted a 5-year residence visa in the UAE.
- Those investing a minimum of Dh 10 million will be granted a 10-year residence visa in the UAE with the stipulation that at least 60% of the amount must be in a non-real estate investment. The investment can also take the form of a business partnership or investment into a previously established company within the country.
For investors who are keen on buying into Dubai’s lucrative off-plan market, this is good news as an investment of Dh 5 million will guarantee a longer residence visa. To obtain the full benefits, however, one really needs to look toward a diverse investment of which property will only be one part. It’s a good way to spread more money across the economy, possibly bringing in more investment into overlooked sectors.
There are a few stipulations that must be kept in mind before investing, however. The following conditions apply for both of the aforementioned categories:
- The invested amount has to belong to the investor in its entirety with no loans involved. Supporting documents should be provided to prove that the entire sum belongs to the investor.
- The investment should be retained for at least 3 years under a standard liability. Financial solvency on the investment should not exceed Dh 10 million.
- The long-term visa can apply to business partners as well provided that each partner has contributed a minimum investment of Dh 10 million. The visa can also be extended to include a spouse and children, along with one executive director and one advisor.
- Upon making an investment, investors will be granted a six-month multiple-entry visa while the application formalities for the long-term visa are in progress.
Other Visa Types
Entrepreneurs will be granted a five-year visa with the possibility to upgrade to an investor visa provided they meet the above requirements. Doctors, researchers and specialists in the fields of science and information are eligible for a 10-year visa while students performing at an exceptional level can be granted a five-year visa.
The UAE has always been an excellent option for investors who are looking at lucrative returns and a stable business environment. These new initiatives will help to make the UAE an even more attractive destination with benefits to both investors and to the country’s own economy by fostering continued investment and growth across all commercial sectors.